Business Succession Planning
Business succession planning is one of the most important although often ignored aspects of running a successful business. We recognize the importance of an effective succession plan to the owner and the owner's family, key employees, customers and vendors, and will guide you through this complex and sometimes emotional process. Fewer than thirty percent of businesses are successful in the second generation and fewer than five percent remain after the third generation. It takes an effective succession plan to continue the business into the future generations. We, at Rhine Ernest LLP, are committed to seeing your business grow, prosper and continue, and have consistently helped our clients engage in the process of successful succession planning.
Estates and Trusts
Estate Planning
Often estate and business planning go hand in hand as the client's business is the client's largest asset. Whether the business is a sole proprietorship, a partnership, corporation or limited liability company Rhine Ernest LLP will guide you through the process of making the business part of your comprehensive estate plan. Estate planning has become a critical area of legal practice as the "Greatest Generation" prepares to transfer $10 Trillion to their children. We bring into the planning process decades of experience in dealing with problem estates to help you avoid repeating the problems others have encountered because they failed to properly and effectively plan for their family's future.
Planning techniques for effective and comprehensive estate planning include the Revocable Living Trust and Irrevocable Trust, the Charitable Remainder Trust, the Charitable Lead Trust, Family Limited Partnerships and Qualified Personal Residence Trusts. We come to the estate planning table with the knowledge and experience to make these techniques work for you. We work closely with your CPA, your stock broker/investment advisor and your insurance professional to form an effective estate planning team working for you to accomplish your goals for you and your family.
Estate and Trust Administration
Rhine Ernest LLP has broad experience in estate and trust administration, guardianships, and estate litigation matters, including will contests. Our attorneys regularly conduct probate administrations in Indiana, Kentucky and Illinois. Recognizing the importance of timely distributions to estate beneficiaries, we strive to handle estate and trust administration in a responsive and efficient manner. We have extensive experience in the filing of federal estate and state inheritance tax returns and in representing the personal representative or trustee during any audit process.